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Dec 12, 2012
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the fed holds primarily short- term. right now, there is about $40 billion a month the fed is repurchasing. if they just stopped repurchasing it, they would start to unwind that balance sheet very quickly. the banks have read deposited the proceeds of those funds and are getting paid 25 basis points. the fed can change that as well and unwind the bank's willingness to do this. just the run off would allow the fed to very quickly reduce their balancing if they chose. right now, in terms of keeping the economy going, the fed is the only ball game. what they are trying to do is not create lending by the bank at the retail and local and business level. what they are trying to do is recapitalize the bank. they are subsidizing the banks through the repurchase arrangement they engaged in. about a $35 million subsidy a year. that is an issue that is outside the issue we talked about here. it is one for another seminar on the fed policy. we could start an argument on that one. >> i would disrespectfully -- i would respectfully su
the fed holds primarily short- term. right now, there is about $40 billion a month the fed is repurchasing. if they just stopped repurchasing it, they would start to unwind that balance sheet very quickly. the banks have read deposited the proceeds of those funds and are getting paid 25 basis points. the fed can change that as well and unwind the bank's willingness to do this. just the run off would allow the fed to very quickly reduce their balancing if they chose. right now, in terms of...
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Dec 12, 2012
12/12
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i think you get 60% reimbursement from the fed. you get 50% -- oh, it's you who gets 60%. in new york, we only get 50%. it makes a big difference. someone ended up saying it is all of james madison's fault. there are couple of things that are terribly important that cannot contradict anything that you all said. we do not have a good way of measuring the adequacy of our emperor structure. we know that the chinese spend eight times as high you're a percentage of their gdp emperor structure as we do in this country. that makes us less competitive. i think i learned from the people in the chamber here that the cost of moving goods in the united states is greater in off to the dollars that it is in europe or asia. therefore adding to our lack of competitiveness. i do not know personally how you grow a real economy without being able to produce goods in a competitive way. i think that it is important to also understand that there are so many factors that go into the adequacy of an educational system. you referred to consolidation. absolutely critical. new york state, there are 6
i think you get 60% reimbursement from the fed. you get 50% -- oh, it's you who gets 60%. in new york, we only get 50%. it makes a big difference. someone ended up saying it is all of james madison's fault. there are couple of things that are terribly important that cannot contradict anything that you all said. we do not have a good way of measuring the adequacy of our emperor structure. we know that the chinese spend eight times as high you're a percentage of their gdp emperor structure as we...
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Dec 28, 2012
12/12
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children who come to school with a full stomach or fed at school do way better in their studies and in their attendance and in their attitude and we proved it without a doubt. after three years, it because great study and it is there on the shelf but we can't afford to do anything about it. we're not going to see every elementary student -- kids eat at home but they eat pop tarts, elementary children. my kids eat breakfast. but we have to feed our children so they can think. >> 20 years ago when you first came to congress, you became known as the former welfare recipient who is now a member of congress. first of all, tell us, remind us why you were on welfare for a while. what do you think of that? >> well, i was on welfare because when my children were 1, 3, 5 years old, their father was diagnosed manic depressant and he would not do anything about it so i became the sole responsibility for my children. we started a new life. i went to work immediately but my job did not pay enough to cover the overhead. i moved out of the house, i got rid of my nice cars. got rid of the nice cars and
children who come to school with a full stomach or fed at school do way better in their studies and in their attendance and in their attitude and we proved it without a doubt. after three years, it because great study and it is there on the shelf but we can't afford to do anything about it. we're not going to see every elementary student -- kids eat at home but they eat pop tarts, elementary children. my kids eat breakfast. but we have to feed our children so they can think. >> 20 years...
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Dec 7, 2012
12/12
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we have a fed insisting it will keep this way. i will be interested to see what the net a fact of this interest rate is. -- effect of this interest rate is. >> there is an artificiality of the point in time because it presumes every one of the payoffs, we have no revenue to fha, where we know there is a large revenue -- >> there is a flaw in the model? >> no. congress requires the review is done in a runoff scenario. we also looked at, what if we keep doing business, so we have those projections. that is not the 2% calculation. it is something we could give you more detail on of what the net effect would be. >> does the modelling assume any recession between now and 2017? >> the modelling does include a range of runs from a mild recession to a very severe recession. through the nature of the modelling, we do look at probabilities. >> but the evaluation, the model that comes up with the $13.5 billion.13. ? >> i am not sure if i am being clear. >> what is the average economic growth rate implicit or explicitness in that evaluation?
we have a fed insisting it will keep this way. i will be interested to see what the net a fact of this interest rate is. -- effect of this interest rate is. >> there is an artificiality of the point in time because it presumes every one of the payoffs, we have no revenue to fha, where we know there is a large revenue -- >> there is a flaw in the model? >> no. congress requires the review is done in a runoff scenario. we also looked at, what if we keep doing business, so we...
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Dec 21, 2012
12/12
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to the parliamentarians who keep us operating within the rules, to the cloakroom staff who keep us fed and remind us when to vote. i found that there resides in all of these individuals an abiding love and deep respect for this institution. most of all i want to thank my family, my wife, sheryl, ryan, alexis, austin, tanner, and dallen. they have been supportive, patient and long suffering in dealing with a schedule that is anything but family friendly. thank you. finally, i want to thank the good people of arizona who perhaps against their better judgment have sent me here six times to represent them. i will be forever grateful. so now i head through the rotunda and into the other chamber, the senate, better known to this body as enemy territory. i've used that phrase many times myself, for which i will have to now repent but at least my penance will be practiced during a six-year term. a few years ago, the -- a few weeks ago, the 12 newly elected senate freshmen were invited to the national archives. before our meal we were taken to the legislative vault where we viewed the original
to the parliamentarians who keep us operating within the rules, to the cloakroom staff who keep us fed and remind us when to vote. i found that there resides in all of these individuals an abiding love and deep respect for this institution. most of all i want to thank my family, my wife, sheryl, ryan, alexis, austin, tanner, and dallen. they have been supportive, patient and long suffering in dealing with a schedule that is anything but family friendly. thank you. finally, i want to thank the...
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Dec 20, 2012
12/12
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people are tired of mourning and people are not fed up, but people are giving up on prayer when you see incidents when you have to bury your children. when you drop off your child and expect to pick them up and talk about what they learned today and do they need help with their homework, you never, never imagine you are going to go there and find your child deceased with multiple gunshot wounds because of assault rifles with high-capacity clips. so i will close and thank my colleagues. but we are the united states of america, always in search of a more perfect union. we have to do better and i will close with my own little phrase from a song and toes to the members of congress -- and it's to the members of congress and we had an incident that shed light on this earlier in our term in which our colleague was a victim of gun violence. we should be careful of what we do, because the life we save may be our own. and with that, madam speaker, i will yield the remaining of my time to the gentlelady from the virgin islands. mrs. christensen: i thank you, congressman richmond and the two of us
people are tired of mourning and people are not fed up, but people are giving up on prayer when you see incidents when you have to bury your children. when you drop off your child and expect to pick them up and talk about what they learned today and do they need help with their homework, you never, never imagine you are going to go there and find your child deceased with multiple gunshot wounds because of assault rifles with high-capacity clips. so i will close and thank my colleagues. but we...
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Dec 14, 2012
12/12
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the fed will pay the difference through 2014. there after the states will be hit with increased costs. this change will cost pennsylvania $45 million a year. some of the time lines are unrealistic and many of the mandate to impose unnecessary duplication of efforts. these changes add to our costs and as mandates often do, impose a one-size-fits-all approach making our process less efficient, not more. we are told the federal government will pay 90% of the cost of the aca making this a good deal. it overlooks the magnitude of the cost for the states. 10% of a huge number is still a large number. the magnitude of the federal deficit shakes our confidence that the federal government will be able to fulfil its and of the bargain. the aa will likely have broader impacts that affected the commonwealth. we do not have time to go into this, but we know that businesses are already changing their hiring practices to transfer health care costs to states. the federal government now dictates to states almost every detail of how to run the pro
the fed will pay the difference through 2014. there after the states will be hit with increased costs. this change will cost pennsylvania $45 million a year. some of the time lines are unrealistic and many of the mandate to impose unnecessary duplication of efforts. these changes add to our costs and as mandates often do, impose a one-size-fits-all approach making our process less efficient, not more. we are told the federal government will pay 90% of the cost of the aca making this a good...